USwitch price saving mid contract?

Treadway1

Hi all,

Just wondering if anyone here has any experience of leaving their current energy contract mid term using USwitch’s saving announcement?

I’ve used the website a few times before to compare deals at the end of my contract and the last time I did, I asked to be informed if another supplier could save me money during my current contract and I’ve just had an email saying I could save over £600!

Just wondering if this is too good to be true and if anyone else has done this and regretted it?

TIA for any advice 👍🏻

System

Be wary of any mid contract savings as the Ofgem method of cost calculation is flawed.

For example, you have 6 months to run on present contract. Costs for the next 12 months = 6 months on present contract + 6 months on your supplier's SVT = Inflated Cost

You switch to new fixed term tariff which saves you £100 but actually costs you more.

In sum, ignore what your any PCW is telling you and do a full market comparison on MSE using 'cost for 12 months on present tariff' compared to 'cost for 12 months on new tariff". You might be surprised with the results.

Treadway1

That’s just the sort of advice I was hoping to get!

Thanks a lot Hengus. I’ll do a full comparison as you suggest. ����

footyguy

Treadway1 wrote: »

Hi all,

Just wondering if anyone here has any experience of leaving their current energy contract mid term using USwitch’s saving announcement?

I’ve used the website a few times before to compare deals at the end of my contract and the last time I did, I asked to be informed if another supplier could save me money during my current contract and I’ve just had an email saying I could save over £600!

Just wondering if this is too good to be true and if anyone else has done this and regretted it?

TIA for any advice ����

You ask if it sounds too good to be true?
It does sound like it doesn't it? Either that or you made a big error when you started the current contract.
Have you used a different comparison site to confirm any saving? e.g. the one provided ny this site???

What is the anticipated annual cost of your current tariff?
What will be the anticipated annual cost of the new tariff?

[Deleted User]

As Hengus has said, the quote savings coming from uSwitch using the OFGEM calculation of using the standard variable rate tariff for the period of time in the year after your fix has finished.
As an example, on uSwitch I can save £132 if I switch to outfox (5.5 months on standard variable tariff) but if I look at the Cheap Energy Club and compare against my current tariff annual cost, the savings would be £58.
So the 2 websites calculations show a £74 difference.

The moral is never look at savings, just the total annual cost.

footyguy

gsmlnx wrote: »

As Hengus has said, the quote savings coming from uSwitch using the OFGEM calculation of using the standard variable rate tariff for the period of time in the year after your fix has finished.
As an example, on uSwitch I can save £132 if I switch to outfox (5.5 months on standard variable tariff) but if I look at the Cheap Energy Club and compare against my current tariff annual cost, the savings would be £58.
So the 2 websites calculations show a £74 difference.

The moral is never look at savings, just the total annual cost.

But the OP has been advised of savings of £600

The average maximum saving for an average user who moves from a typical standard variable rate to the cheapest possible tariff is only about half of that amount ... and that is based on a full 12 months usage.

[Deleted User]

As the OP never gave an values to back up the alleged savings (annual usage, current tariff, recommended tariff), we have no idea if they are an average household or otherwise.
But they do need to avoid the website says savings and look at what it really costs. And then decide if they should change. And of course, factor in any exit fees too. Which none of the sites put into the savings/costs values.

From my own example, the savings from uSwitch to CEC represent 16% of the annual bill so a not inconsiderable difference if I took the savings at face value on uSwitch without checking annual costs.